CBRE Group 2Q MarketView Shows NJ Office Leasing Brisk

SADDLE BROOK, NJ—The New Jersey office market ended the second quarter with a significant reduction in availability and an improvement in total net absorption, according to CBRE’s Q2 2014 New Jersey Office MarketView Report. The market closed the quarter with 1,756,089 square feet of new leasing activity, up 8% from the year prior and approximately 6% over the five-year quarterly average. Contributing to the positive momentum was a decrease in big block availability, resulting largely from activity led by Automatic Switch Company and JP Morgan Chase & Co. The corporations each took down more than 200,000 sq. ft. of space.  

Grow New Jersey incentives also played a big role in the activity, CBRE says.